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Federal ReserveNo institution wields more power in US finance than the Federal Reserve—but opinion polls indicate most Americans don’t know what it does.
Known casually as “the Fed,” the century-old independent central bank sets the interest rates that determine how much ordinary people pay for mortgages, car loans, and more—all to achieve its dual mandate of price stability and maximum employment.
Consisting of a central board of governors working in tandem with 12 regional banks, the Fed also manages the US money supply and acts as the lender of last resort. The Federal Reserve is often a political lightning rod due to its significant impact on both national and household economies.Explore Federal Reserve
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The Federal Reserve didn't institute an official no comment period before meetings until 2011Although Fed governors have largely practiced some version of a blackout period before Federal Open Market Committee meetings where the board decides where interest rates should be since the 1980s, the official blackout period wasn't formalized until 2011. During the blackout, members of the Federal Reserve generally aren't allowed to speak publicly on macroeconomic or monetary policy in order to avoid any confusion over the board's decisions. MarketplaceThe Federal Reserve fought the Great Recession primarily with quantitative easing and repurchasing agreementsDuring the Great Recession, the Fed stimulated the economy by buying people and businesses' debt, notably through purchasing mortgage-backed securities and buying bonds with slim margins. The two processes, quantitative easing and repurchase agreements, both helped increase the amount of money in the economy to increase consumer spending. Marginal Revolution UniversityThe Federal Reserve can set interest rates below zeroInterest rates, the cost of borrowing money, are the primary tool the Federal Reserve uses to control inflation. During periods of deflation, setting interest rates below zero penalizes saving, encourages banks to lend more and moves more cash through the economy. International Monetary FundFederal Reserve Chair Jerome Powell is a DeadheadFor the uninitiated, that means Powell is an avid fan of the band The Grateful Dead. Powell is also a musician, cyclist, and dog park kerfuffle survivor. USA TODAYThe Federal Reserve Bank of Atlanta provides a monthly measure of home ownership affordabilitySpecifically, the Home Ownership Affordability Monitor shows a monthly measure of the median-income household's capacity to afford the median-priced home at the national level, the metro level, and more. Federal Reserve Bank of AtlantaThe Federal Reserve follows the health of the US economy by tracking the money supplyThat includes all of the physical and electronic money in circulation. It tracks not only US coins and bills, but also the money that moves through bank deposits. The Fed uses metrics called trackers to follow different types of transactions through the money supply. InvestopediaThe Federal Reserve tracks how much US currency is circulated around the world every yearIt's estimated that about half of US currency is circulated outside of the US. In 2023, there were 54.6B US notes circulated, with 18.9B of those being $100 bills. This chart shows how many US notes have circulated since 1997. U.S. Currency Education ProgramThe Federal Reserve acknowledged the impact of the 'Eras' tour on regional economiesTaylor Swift’s music has become so successful, and her global fan base so extensive and so committed, her touring is as much of an economic story as it is an artistic one. Taylor’s tours bring a financial boost to sectors including hospitality and travel. TIMEThe best (and worst) Federal Reserve Chairs since 1914Sixteen men and women have held the office of Federal Reserve Chair since 1913, with varying results in the stock markets. While Fed monetary policy is only one part of the recipe for a bull or bear market, a Fed chair is judged by the macroeconomic conditions they leave as a legacy. 1440The Federal Reserve is the central bank of the USNo institution wields more power in US finance than the Federal Reserve—but opinion polls indicate that most Americans don't know what it does. Curious about the country's central bank? 1440's got your breakdown of how the Federal Reserve works. 1440The Federal Reserve's decisions can impact your moneyCar loans, mortgages, business investments—these and more can be drastically impacted by the adjustment of the Federal Reserve’s federal funds rate. Alternatively, savers can earn higher, low-risk yields on their savings when the Fed’s target rate is higher. BankrateSee a chart of public trust in the Federal Reserve An illuminating chart shows the percentage of Americans who trust the current Fed Chair, going back to 2005. See how we went from Alan Greenspan’s 74% trust level to Janet Yellen’s 38%. Visual CapitalistHow much power does the Federal Reserve really have?Although mechanisms for transparency exist, it wouldn’t be difficult for the incredibly powerful institution to go rogue in the wrong hands. In this podcast episode, analysts game out how such a scenario would go. FiveThirtyEight Dive into the fascinating journey of a Federal Reserve note Ever wondered how long an individual dollar bill lasts? After cash is designed and produced, money circulates in the economy, with $100 bills staying in use for the longest on average—roughly 15 years—and the $10 lasting just less than five. U.S. Currency Education ProgramGet the inside story of the duck hunt that birthed the Federal ReservePseudo-duck hunters, private train cars in Hoboken, and a thrilling work week over Thanksgiving 1910—all and more are featured in the wild story of how a group of fed-up bankers and lawmakers tried to create an enduring central bank for the US. Records of the meeting managed to remain hidden for decades. Federal Reserve Bank of RichmondThe Federal Reserve Act's foundation was laid in a secretive meeting at the world's most prestigious clubRepublican Sen. Nelson Aldrich of Rhode Island organized a highly secretive meeting of the minds at the world’s most prestigious club on Jekyll Island, Georgia, where a who’s who in the financial world hashed out details over the course of a week. NPRThe Federal Reserve is the most powerful financial institution in the USThe Fed controls the money supply, determines interest rates, and regulates the banking system. Established in 1913 after a volatile series of financial panics, the central bank has managed to retain its legitimacy despite broad critiques against its obscure and independent decision process. Council on Foreign RelationsThe Federal Reserve targets 2% inflationIt’s an arbitrary number originating from an offhand comment made by a New Zealand policymaker. The real objective is to maintain predictable prices for businesses and families to plan around while avoiding the dangers of deflation. Council on Foreign RelationsUS inflation can generally be split into to two periods—before and after the Federal ReserveA central bank itself does not mean significant inflation will occur, but economists generally point to factors like two world wars and the printing of money to finance the US federal deficit as primary drivers of price increases. Federal Reserve Bank of St. Louis'Floating rate' loans periodically adjust their interest rates in accordance with economic conditionsWhen the Federal Reserve began raising interest rates in 2022 to combat inflation, interest payments borrowers owed to private credit lenders increased accordingly. Private credit funds benefited as loan returns increased, making the asset class attractive to investors at the time. InvestopediaIllinois has more local governments than any other stateAs of 2022, there were a reported total of 90,837 local government units across the US. Illinois had the highest number with 6,930, followed by Texas with 5,533. Explore all the data from the 2022 Census of Governments, which takes place every five years. Federal Reserve Bank of St. LouisPayday lenders are more highly concentrated in neighborhoods with high poverty ratesResearch from the Federal Reserve Bank of Chicago shows that payday lenders in Illinois were more densely populated in zip codes with high poverty rates. The data also shows that payday lenders were more likely to cluster in zip codes where the highest percentage of residents are minorities. What is quantitative easing?Quantitative easing was a relatively new method the Federal Reserve used to curb deflation during the Great Recession. In this process, a central bank digitally creates money that is used to purchase assets, usually government bonds. This lowers returns on low-risk bonds, encouraging investors to put their money in high-risk, short-term stocks, and moves money through the system. The TelegraphRead former Fed Chair Ben Bernanke's 2002 speech about preventing deflationVery low inflation rates in the early 2000s in the United States and a worsening recession in Japan sparked some domestic concern over the threat of deflation. While Bernanke wasn't Chair at the time of the speech, he emphasized the Fed's role in preventing deflation. Federal Reserve BoardCongress mandated that the Fed streamline check paymentsWhen it was first created in the 1910s, the Federal Reserve System became a crucial link between the nation's regional banks. The increasing number of checks used by the thousands of banks across the nation required a central operator, and the Fed was uniquely positioned to help. Learn more about the role the Fed played in the history of checks. federalreservehistory.orgBills passed during the Civil War shaped postwar AmericaDespite the war with the South, Congress passed transformative laws like the Homestead Act and the Morrill Land-Grant College Act, which encouraged westward settlement and expanded higher education. Minneapolis Federal ReserveHousing 'starts'— new constructions—signal the health and future of real estateThe Federal Reserve Economic Data, or FRED, tracks monthly “housing starts,” the number of new residential construction projects being built. Some argue this data can serve as an economic barometer. Federal Reserve Bank of St. LouisCentral bank independence is correlated with lower inflation on averageExecutives may seek to influence the central bank to reduce interest rates for political points. Since its creation in the early 20th century, the US' Federal Reserve saw the most interactions from the president during the Nixon and Ford administrations. EconofactThe median trust fund contains roughly $285KThat’s according to data from the US Federal Reserve. There isn’t a specific net worth that can help determine whether or not someone needs a trust—but contrary to popular belief, trust funds can be great estate planning tools, even for people who aren’t ultra-wealthy. New York LifeVisualizing losses from natural disasters over timeThe National Oceanic and Atmospheric Administration has long collected the human and economic impact of natural disasters—but only in meteorological zones. With more granular, county-level data, economists can visualize the effects of weather events with this rich visualization. Federal Reserve Bank of New YorkSecuritization has become common practice in home financingWhen a homebuyer finances with a lender, they aren’t necessarily the one footing the bill. After a buyer secures a home loan, the lender can sell the loan to another financial institution or a private institution. That group can later sell that mortgage to investors. This is called securitization. Federal Reserve Bank of Chicago30-year fixed mortgage rates have changed significantly over timeIn the 1980s, 30-year fixed mortgage rates peaked just under 17%. During the COVID-19 pandemic, they were much lower, hovering around 3%. Federal Reserve Bank of St. LouisThe college degrees with the highest unemployment rates, visualizedData from the Federal Reserve Bank of New York shows which college degrees have had the highest unemployment rates in the US as of May 2025. Degrees in anthropology, physics, and computer engineering ranked high on the list. Visual CapitalistHow the three major credit bureaus were foundedIn the 1800s, credit bureaus went into business to help lenders make decisions. But today’s three major credit bureaus, Experian, Equifax, and TransUnion, didn’t become the industry leaders they are today until the 20th century. St. Louis Federal Reserve BankThe wealthiest Americans own the vast majority of the stock marketRecent data from the Federal Reserve shows that the richest people in America own 93% of all the country's stock—the highest level ever recorded. Meanwhile, the bottom 50% of Americans held just 1% of all stocks. Business InsiderOver three-fourths of US debt is held by domestic and foreign investorsOf the domestic investors, the Federal Reserve is the largest holder. And, of the foreign investors, Japan is the largest holder, followed by China. Peterson FoundationUnless prices of fossil fuels rise significantly, their production is expected to slowUS oil and natural gas production skyrocketed from 2000 to 2020, largely due to advances in fracking. However, weak global energy prices have prevented this boom from translating into increased profits for fossil fuel companies. Federal Reserve Bank of New YorkExplore current CD interest ratesData itself is not (exactly) a financial advisor, but it can help you decide between a variable or fixed rate CD, or CDs with different term lengths. A chart from the Federal Reserve shows the three-month trend of CD interest rates. Federal Reserve Bank of St. LouisPeriodically, the Federal Open Market Committee decides whether to raise, hold, or lower the federal funds rateThe federal funds rate is the interest rate at which banks lend their excess funds through the Fed. This influences what banks are willing to pay consumers for their deposits in savings and CD accounts. Typically, the higher the federal funds rate, the higher the interest rates on CDs. Federal Reserve Bank of St. LouisThe National Labor Relations Act gave workers the right to unionize in the USHear an interview with Harvard Law School employee and labor law expert Sharon Block about how the parallel motivations of workers, employers, and government officials led to the creation of the National Labor Relations Act. Federal Reserve BostonA third of Americans don't have the cash they need to cover a $500 emergencyThat's according to a 2023 Federal Reserve survey. So what does the average American in this camp do when, say, their car breaks down? This video compares six of the most common ways Americans get money when they don't have it. As it turns out, some of them opt for payday loans, which this video argues are predatory. VoxWhat is the function of money? Nearly everyone uses some form of money to facilitate day-to-day activities, but what is it, anyways? Economists define money as anything that can be accepted as final payment for goods and services. Shells, beads, corn, and a wide range of objects have acted as money throughout history—explore the common but deceptively abstract concept of money in this eight-minute podcast from the Federal Reserve. Federal Reserve Bank of St. LouisThe central bank was designed to operate free of short-term political influence to prevent the Fed from making disastrous policy decisionsAlthough the Fed Chair and the six other Governors of the Board are appointed by the US president and approved by Congress, the Fed is not funded by congressional appropriation, and its board members are appointed to lengthy 14-year terms. InvestopediaOf the 12 voting policymakers at every Federal Open Market Committee meeting, 4 are present on a rotating basisTo allow for diverse regional perspectives in the votes on monetary policy, heads of regional banks hold voting power on two- or three-year cycles. Federal Reserve Bank of St. LouisThe two-day marathon meetings of the Federal Open Market Committee follow a logical process of information sharing In a stately room in the Eccles Building in Washington, DC, the 17 participants of the FOMC and their aides report on economic conditions and decide monetary policy. Federal Reserve Bank of PhiladelphiaEarly Americans hated the idea of a central bankAfter a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name. ForbesWhile the Fed is involved in issuing new generations of cash, the way it adds to the money supply does not involve printersThe majority of money in circulation is credit, not cash. This credit, which acts similarly to direct deposit from employers, is added to bank accounts by the Federal Reserve. The Fed also employs tools like the federal funds rate and open market operations to expand or contract credit. The BalanceCentral banking in the US has had a fraught political historyThat history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression. InvestopediaIn the 1970s, the US experienced a period of stagflationIt was characterized by high inflation, slow economic growth, and high unemployment. The crisis was triggered by a combination of factors, including loose monetary policy that spurred excess demand and spiraling oil prices caused by an OPEC embargo in 1973. Philadelphia Federal ReserveDisinflation, a decrease in the rate of inflation, is different from deflationDisinflation happens when prices are still going up, just at a slower rate. Prolonged disinflation is also often accompanied by a recession, making it painful for consumers. 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